Dad’s Legacy
Have you been involved in a family emergency mess? We want to know. Would have talking about things before helped? Let us know!
Talk to your family! It will feel weird, morbid or whatever, and there may be tears, but we think it will be so worth it later.
Generally speaking, Probate fees will be 10% of the estate, plus all assets will be tied up in probate while the court processes that. That means their bank account may not be accessable to pay the house payment, or utilities. That means you could be stretched financially just to pay the basics for that house, or it could end up in a bad situation with the bank, etc.
Have the tough conversations now with no stress, versus later when there’s so much more stress and emotion involved. Then no one feels like a decision was sprung on them, or they’re being kicked out of their home.
Other forms for estate planning. It may be a good idea to see a lawyer if this is confusing, or if the estate is substantial.